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on a rental what is the interest paid? is it mortgage interest received from payer? Or current P&I payment?

 
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DawnC
Employee Tax Expert

on a rental what is the interest paid? is it mortgage interest received from payer? Or current P&I payment?

When you own rental properties, you can deduct the interest you paid on your rental property's mortgage from your rental income, potentially reducing your taxable income.   Don't include the principal portion, only the interest portion is a deductible rental expense.  

 

The IRS lets you deduct your non-rental mortgage interest too, but only if you itemize deductions.   You can't deduct the principal (the borrowed money you're paying back).

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